Money matters

New York, July 17 (Reuters): Citigroup Inc’s second-quarter profit rose 4 per cent, helped by growth in corporate and investment banking.

Net income for the New York-based world’s largest bank by market value rose to $5.27 billion, or $1.05 per share, from $5.07 billion, or 97 cents a share, a year earlier.

Profit from continuing operations increased 11 per cent to $5.26 billion, Citigroup’s second highest total ever. Revenue from continuing operations increased 10 per cent to $22.18 billion.

Analysts polled by Reuters Estimates on average forecast profit of $1.05 per share on revenue of $22.34 billion.

Corporate and investment banking profit jumped 26 per cent to $1.72 billion, and revenue surged 31 per cent to $6.76 billion.

Results were bolstered by revenue increases of 51 per cent in fixed income markets and 30 per cent in equity markets. Investment banking revenue jumped 24 per cent.